Symetra Life Insurance Company, a leading provider of life, retirement and employee benefit insurance products, and Teachers Insurance and Annuity Association of America (TIAA), a long-standing leader in lifetime income, today announced the launch of Mariner Re Ltd., a Class E licensed reinsurer domiciled in Bermuda.

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Mariner Re will provide committed growth capital to support Symetra’s annuity business through a flow reinsurance arrangement, effective Oct. 1, 2026. As part of the transaction, Mariner Re will be supported by a $750 million equity investment from TIAA.

Symetra Investment Management Company (SIM) and Nuveen, the global asset management firm wholly owned by TIAA, will serve as Mariner Re’s investment managers. The dual-manager structure combines SIM’s established insurance asset management capabilities with Nuveen’s institutional expertise, providing Mariner Re with broadened access to asset classes and investment strategies.

“Symetra’s strategic relationship with TIAA, a well-regarded company, pairs our combined financial strength and insurance expertise with a strong cultural alignment and collaborative approach,” said Margaret Meister, president and chief executive officer of Symetra Financial Corporation. “Mariner Re supports our ability to grow annuity sales, enhancing our competitive positioning and enabling us to serve more customers.”

“This transaction allows TIAA to expand and diversify our balance sheet, strengthening our ability to meet the long-term obligations we have to the retirement plan participants who count on us, while deepening our long-standing relationship with Symetra and its parent company, Sumitomo Life,” said Dave Dowrich, chief financial officer at TIAA.

Symetra Chief Investment Officer Nicholas Mocciolo said, “SIM’s lead role as investment manager reflects our commitment and investment partnership with Mariner Re and Symetra. We are pleased to be working with Nuveen, a strong investment partner that brings breadth and depth to this relationship.”

“This mandate demonstrates the continued growth of Nuveen’s insurance asset management capabilities,” said Bill Huffman, CEO of Nuveen. “We’re proud to bring the breadth of our public to private capabilities to Mariner Re’s portfolio and to deepen our long-standing relationship with Symetra and Sumitomo Life.”

Deutsche Bank Securities Inc. acted as structuring agent and placement agent for the transaction. PJT Partners served as financial advisor for TIAA. Willkie Farr & Gallagher LLP served as legal counsel for Symetra and Mayer Brown LLP and Simpson Thacher & Bartlett LLP served as co-lead legal counsel for TIAA and Conyers as Bermuda counsel for the transaction.

About Symetra

Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation, a diversified financial services company based in Bellevue, Washington. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent financial professionals and insurance producers. For more information, visit https://www.symetra.com/.

About Symetra Investment Management

Symetra Investment Management Company (SIM) is a Registered Investment Adviser offering discretionary investment advisory services to institutional clients. Founded in 2019 and headquartered in Farmington, Conn., SIM manages approximately $93.8 billion in assets across Investment Grade Corporate Credit, High Yield, Bank Loans, Commercial Mortgage Loans, Private Placements, Structured Credit, Hedging and Alternatives. SIM is a wholly owned subsidiary of Symetra Financial Corporation. For more information, visit https://www.symetra.com/symetra-investment-management/.

About TIAA

Our mission is to provide a more secure financial future for all. As a leading retirement, wealth and asset manager, the company has delivered investment options and guidance to help people pursue prosperity that lasts across market cycles and generations. TIAA has nearly $1.6 trillion in assets under management (as of 06/30/2026)*. For more information, visit www.tiaa.org/about.

About Nuveen

Nuveen, a TIAA Company, is a global investment leader, managing $1.4 trillion in public and private assets for clients around the world, as of June 30, 2026. With broad expertise across income and alternatives, we invest in the growth of businesses, real estate, infrastructure, and natural capital, providing clients with the reliability, access, and foresight unique to our 125+ year heritage. Our prevailing perspective on the future drives our ambition to innovate and adapt our business to the changing needs of investors — all to pursue lasting performance for our clients, our communities, and our global economy. For more information, please visit www.nuveen.com.

*As of June 30, 2026, assets under management across Nuveen Investments affiliates and TIAA investment management teams are $1,599 billion.

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